Will my Roth IRA conversion hurt my Senior Freeze benefit?
Updated Feb 03, 2021;
Q. In addition to taking my Required Minimum Distribution (RMD), I took money from my IRA and converted it to a Roth. For the purpose of calculating my income for the Senior Freeze application, do I have to add the money I converted as income? I already know that the RMD is added as income. Hopeful
A. Let’s start with a little background.
In New Jersey, seniors over the age of 65 and certain people receiving federal Social Security disability benefit payments, if they meet income eligibility limits, can qualify to have their property taxes frozen at the amount assessed for the year they first meet those requirements, said Laurie Wolfe, a certified financial planner and certified public accountant with Peapack Private Wealth Management in New Providence.